Plug Power burns $34M cash in Q1; fuel cell sales plunge 58% as business shifts to leases

Filed May 9, 2017 · Period ending March 31, 2017 · ~1 min read

Key Changes

• high

  Cash fell from $46M to $11.8M in three months due to $23.9M operating burn. Company raised $36.6M in April via stock sales and warrant exercises to shore up liquidity.

  MD&A: Liquidity verify on EDGAR →
• high

  Fuel cell system revenue dropped 58% year-over-year to $2.2M as only 34 units were sold versus 160 last year. Another 405 units shipped as leased assets under Power Purchase Agreements instead.

  MD&A: Revenue verify on EDGAR →
• high

  Gross margin on fuel cell sales turned negative at -4.1% from +25.3% a year ago, driven by fixed cost deleverage from lower shipment volumes and new product ramp costs.

  MD&A: Gross Margin verify on EDGAR →